Iofina exceeds output forecasts

Writer, Stock Market Wire
Friday, July 14, 2017 - 08:14

Iofina produced 235.5 metric tonnes of crystalline iodine in the first half of this year from its Oklahoma based IOsorb plants, which exceeded the company's expected output of 215-230 MT.

Iofina said that during the period, IOsorb plant IO#3 was shut-in due to lack of brine supply and the company continued to make positive strides in its intention to move this facility to a superior location in its core area.

It said: "At present, final details are being resolved and we will update the market once all the specifics to allow for the relocation are complete." An update continued: "Iofina Chemical performed well in the period, with demand for both iodine and non-iodine based halogen products remaining robust.

"The company has increased research and development activity in the period in order to meet new market demands and inquiries for specialty chemical products."

Looking forward, Iofina said it expected to produce between 225-240 MT of crystalline iodine in H2 from the four currently operating IOsorb plants.

President and chief executive Dr. Tom Becker said: "Despite having to adjust our output forecast following the IO#3 shut-in, the board is pleased that we were able to exceed our production targets in H1, which is testament to the improved processes and efficiencies.

"Iofina continues to make positive progress towards the reutilisation of the Company's IO#3 assets.

"This is critical in order for Iofina to meet its goals of reducing costs and expanding production."

At 8:14am: (LON:IOF) Iofina PLC share price was +0.63p at 13.75p


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